Understanding development

Description

This note describes economic development, its sources difference between eco growth and development, etc.
Shivani  Aggarwal
Note by Shivani Aggarwal , updated more than 1 year ago
Shivani  Aggarwal
Created by Shivani Aggarwal almost 11 years ago
50
0

Resource summary

Page 1

Economic growth an development  

Economic growth refers to an increase in output and income, often measured on a per capita basis. Economic development refers to a process that leads to improved standard of living for population as a whole. 

The many dimensions of economic development

iEconomic development can be defined as the process where increase in per capita output and income are accompanied by improvements in standards of living of the population and reduction in poverty, increased access to good and services that satisfy basic needs increasing employment opportunities and reduction of unemployment, and reduction of serious inequalities in income and wealth 

Human Development: is a process of expanding human freedoms: the freedom to satisfy hunger; the freedom to be adequately fed; to be free of preventable illness; to have access to clean water and sanitation; to be able to read, write and receive appropriate eduction ; to be knowledgeable; to be able to enjoy work; to enjoy legal protection; to participate in social and political life; and, in general, to have the freedom to develop one's potential and lead a full productive life.It covers three main type of freedoms:  Life sustenance: refers to access of merit goods like eduction. Self-esteem: dignity, honour and independence that cannot be attained in poverty.  Freedom: from want, ignorance and squalor.  UNDP distinguishes between human poverty and income poverty. Income poverty is when an individuals income falls below the national or international minimum income level. Human poverty involves lack and deprivation of opportunities that allow an individual to lead a long, healthy, creative life and to enjoy a decent standard of living, freedom, dignity, self-esteem and respect for others. 

Sources of economic growth 

New Page

Show full summary Hide full summary

Similar

Using GoConqr to study Economics
Sarah Egan
Economics
Emily Fenton
AN ECONOMIC OVERVIEW OF IRELAND AND THE WORLD 2015/16
John O'Driscoll
Economics - unit 1
Amardeep Kumar
Using GoConqr to teach Economics
Sarah Egan
Functions of Money
hannahcollins030
Comparative advantage
jamesofili
GCSE - Introduction to Economics
James Dodd
Market & Technology Dynamics
Tris Stindt
PMP Formulas
Krunk!
Aggregate Supply, Macroeconomic Equilibrium, The Economic Cycle, Economic Growth, Circular Flow and Measuring National Income
Hannah Nad